Lattice Semiconductor Corporation LSCC
Lattice Semiconductor has corrected from prior levels but remains extreme on valuation, trading at a P/E of 444.9 and P/S of 24.8 versus peer medians of 42.0 and 8.6 respectively, as of the most recent data. FY2025 fundamentals show revenue of $523.3M with only 2.7% growth and operating margin collapsed to 2.9% from 28.8% in FY2023, while EPS fell to $0.02 from $1.85.
However, smart money interest is rising — the SM score increased to 0.0299 as of the quarter ended 2026-06-30 from 0.0082 the prior quarter — and management cites AI server demand as a growth catalyst, creating a genuinely mixed setup where the stock has already discounted some of the bad news but cannot be justified as a buy at current multiples.
What could go wrong
- Valuation compression. P/E of 444.9 and EV/EBITDA of 184.5 are roughly 10x and 6x the peer median respectively; any disappointment in the AI growth narrative could trigger sharp multiple contraction.
- Earnings not recovering. FY2025 operating margin of 2.9% and net margin of 0.6% are far below FY2023 levels of 28.8% and 35.1%; if the AI server demand story does not translate into margin expansion, the stock has no fundamental floor at these multiples.
- Persistent insider selling. Over the trailing 24 months, insiders recorded 296 dispositions versus 91 acquisitions with net selling value of approximately $40.3M; recent sales on August 17-18, 2026 continue this pattern.
- Revenue still below prior peak. FY2025 revenue of $523.3M remains well below the FY2023 peak of $737.2M, and FY2025 revenue growth of 2.7% is modest despite the AI demand narrative.
What would change my mind
Where this comes from: peer_relative · fundamentals FY2025 + derived_metrics FY2025 · derived_metrics FY2023 + fundamentals FY2023 · derived_metrics FY2025. Orin's read on LSCC; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All LSCC filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Price T Rowe Associates /Md/ | $2.1B | 0.2% of fund |
| Vanguard Portfolio Management | $1.1B | 0.0% of fund |
| Vanguard Capital Management | $947.0M | 0.0% of fund |
| Invesco | $802.1M | 0.1% of fund |
| Capital Research Global Investors | $757.0M | 0.1% of fund |
| State Street | $747.8M | 0.0% of fund |
84 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 360 Form 4 filings, net −$40.6M. Of the 50 on hand, 0 were open-market purchases and 19 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about LSCC
Orin answers questions about LSCC from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 462.1× | — | 53.3× |
| EV/EBITDA | 191.6× | — | — |
| P/S | 25.72× | — | — |
| P/B | 21.3× | — | — |
33.3%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$162
$135 – $180 · +28% against today's price
- 15 buy or overweight
- 1 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| LSCCLattice Semiconductor Corporation | $17B | 462.1× | 191.6× | 67.7% | 5.6% | 5% |
| AMKRAmkor Technology, Inc. | $13B | 23.5× | 10.1× | 15.5% | 7.4% | 12% |
| MKSIMKS Inc. | $17B | 39.4× | 22.4× | 44.1% | 10.1% | 16% |
| MTSIMACOM Technology Solutions Holdings, Inc. | $22B | 89.0× | 63.2× | 56.6% | 20.7% | 17% |
| NVMINova Ltd. | $12B | 41.4× | 36.6× | 57.1% | 28.8% | 20% |
| QRVOQorvo, Inc. | $10B | 26.7× | 13.5× | 48.2% | 11.0% | 11% |
| RMBSRambus Inc. | $11B | 47.1× | 35.3× | 78.3% | 31.7% | 17% |
| SWKSSkyworks Solutions, Inc. | $13B | 45.3× | 16.5× | 40.7% | 7.2% | 5% |
| TSEMTower Semiconductor Ltd. | $25B | 87.4× | 44.4× | 26.9% | 16.9% | 10% |
The median is of the 8 peers listed above and nothing else — check it against the column. This company trades 966.2% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.